Trump’s cryptocurrency sees 70% value jump after VIP dinner offer
The value of Trump’s meme coin has seen a huge value increase as he prepares to host two special events for its top investors. Crypto trading platform Coinbase revealed that ‘$Trump’ soared after he announced that 220 of its biggest holders will be invited to a private gala dinner on May 22.
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U.S. stock futures point to a lower open as investors brace for one of the busiest weeks of earnings season.
More than a third of S&P 500 companies representing more than 40% of the broad market index’s market value will report quarterly earnings this week. Four of the so-called Magnificent Seven of the largest and most influential companies in the U.S. stock market are among them. They are Amazon, Apple, Facebook parent Meta and Microsoft. Some investors are hopeful after Google-parent Alphabet topped analysts’ forecasts last week.
Other heavyweights include Coca-Cola, Visa, Pfizer, Eli Lilly and General Motors.
Even if companies’ quarterly reports beat Street forecasts, investors will be looking at guidance and comments that might offer hints as to how corporations and consumers are reacting to tariff uncertainty,
Last week, American Airlines, Southwest, and Alaska Air all pulled earnings guidance and United offered two versions — one for a good economy, one for a bad one.
“This is a sign that flight bookings show consumers are not only talking down the economy like they did in 2022 and 2023, they’re acting on their bad vibes, too,” said Bill Adams, chief economist at Comerica Bank. “I’m not aware of a public statistical indicator of airline flight bookings. But if there was one it would likely be one of the best cyclical indicators of U.S. consumer spending.”
At 6 a.m. ET, futures linked to the blue-chip Dow added 0.04%, S&P 500 futures slipped -0.04% and tech-laden Nasdaq futures were flat.
The week will be capped off by the key monthly jobs report.
Cryptocurrency
Nike is being sued for suddenly closing its non-fungible token (NFT) business in December, according to Reuters.
In a proposed class action filed in Brooklyn, New York federal court, purchasers said the sudden closure of Nike’s RTFKT caused demand for their NFTs to dry up and they experienced significant losses.
Purchasers said they would never have bought the NFTs at the prices they did, or at all, had they known the tokens were unregistered securities, and that Nike would “cause the rug to be pulled out from under them,” Reuters reported.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
